Bitcoin has been a wild ride since it's inception and the volatility continues to shock even the most experienced investors. This last year brought about mainstream attention which turned the bitcoin markets into a casino where everybody wins. Those volatile cliff drops were short lived and All Time Highs were reached multiple times. Rewarding long-term crypto investors along with the stupid crowd throwing money they knew nothing about. Everybody became an amazing investor in 2017, worthy of advising anybody on how to make Mad Moneys and I assure you many did. Until about a month ago when those idiots who took that advice came back holding a rope.
Yup, we forgot those Bitcoin Golden rules...
So unfortunately for those who weren't selling on the 2000% gains experienced last year - 2018 has seen this roller coaster move in one general direction...
We're still not dead! Although we could be flirting with the devil there is still some life breathing back into the markets. Just when you thought everything was over, the collapse was happening...
This same trend happened last year a couple times but lacked the prolonged bleeding out period we just experienced in January. Once the selling accelerates and the price falls off a cliff do the big investors waiting on the sidelines jump back into the game and buy everything up. Now within a weeks time the bitcoin price has recovered nearly 50% from the extreme lows and the market has reached decision making time.
A couple days ago the priced bounced back hard once it hit $9k, and the retracing back to $9k has been a slow but rather steady process without much resistance. It seems like the large players enjoy playing in this 8-9K range as we have been here since last week, but now that we are approaching $9k again it raises the question if this is going to be the breakout bringing us back above $10k. Which was a huge psychological barrier many traders believed would never be broken once passed.
If the breakout occurs within the next few days - I believe we may just have witnessed a trend reversal! Which could bring about a new Bitcoin ATH within a few short months. Possibly before summertime so traders can enjoy some nice crypto profits in Tahiti or Dubai
If another bounce back occurs - Wait... The prices could be bound around this range of 8-9k for awhile as the markets take a cooling down period. I wouldn't worry too much unless BTC breaks below $7.5k, if that happens then the downtrend continues spelling more doom, gloom, and utter misery.
Personally, I am leaning towards a break-out. I think the market have been oversold on fear and should find a recovery range around $12-15k. I believe a Tidal Wave is brewing
Comments are always welcomed
@generation.easyWorlds #449 Top Bitcoin Fanatic
